💔Crypto Market Crashes

🌞Good morning. It's Wednesday, Feb. 26, and we're covering, Tesla’s Market Cap Falls Below $1 Trillion As Stock Decline, ElevenLabs Expands Into Audiobook Publishing With New Platform, Ukraine And U.S. Finalize Terms Of Minerals Deal, and much more. First time reading? Sign up to get this newsletter: Sign up here.  

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.93 Trillion, a 0.23% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $180.1B, which makes a 20.85% increase.

• The total volume in Defi is currently $10.63B, 5.90% of the total crypto market 24-hours.

• The volume of all stablecoins is now $171.67B, which is 95.32% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 60.12%, an decrease of 1.06% over the day.

Crypto Market Crashes Amid Economic Uncertainty And Trade War Fears

The cryptocurrency market saw a sharp selloff on Tuesday, with Bitcoin dropping 8.2%, Ethereum down 9.2%, and Dogecoin losing 9.1%. The decline was driven by broader economic concerns rather than crypto-specific factors. Investor sentiment took a hit after the U.S. consumer confidence index dropped from 105.3 in January to 98.3 in February—the largest decline since August 2021—raising fears of a potential recession. Additionally, upcoming U.S. tariffs on imports from Canada and Mexico, set to begin in March, have heightened concerns about a trade war and economic slowdown. Crypto prices have been closely correlated with growth stocks, which also declined on Tuesday. The post-election rally in digital assets is losing momentum. (Read Deeper)

BUSINESS & FINANCE

Tesla’s Market Cap Falls Below $1 Trillion As Stock Decline

Tesla’s stock plunged over 8% on Tuesday, pushing its market cap below $1 trillion—the lowest since early November. The stock has fallen 25% this year and over 35% from its December peak, contributing to a $100 billion drop in Elon Musk’s net worth, though he remains the world’s richest person at $380 billion. Tesla’s Q4 earnings report also disappointed investors, showing an 8% decline in automotive revenue and a 23% drop in operating income due to lower selling prices.

Takeaway: The decline follows a Reuters report criticizing Tesla’s latest self-driving update in China, which disappointed users. Competing EV makers like BYD and Xiaomi offer similar features at lower costs or for free. Additional concerns stem from Musk’s political involvement as head of President Trump’s newly formed Department of Government Efficiency, where he has gained access to government systems and led agency layoffs. (Read Deeper)

Apple Shareholders Reject Proposal To Dismantle DEI Programs

Apple shareholders voted against a proposal to eliminate the company’s diversity, equity, and inclusion (DEI) initiatives, defying a conservative think tank’s push to dissolve such programs. The vote took place at Apple’s annual meeting as a broader corporate trend of scaling back DEI efforts following President Trump’s executive orders banning DEI programs in federal agencies.

Takeaway: The proposal, presented by the National Center for Public Policy Research, cited legal risks and increasing lawsuits tied to DEI policies. Apple opposed the move, stating that its compliance measures already address such concerns and that the proposal sought to limit its business operations. The final vote tally was not disclosed. Apple’s stance contrasts with other major companies like Walmart, Exxon, and Meta, which have either restructured or reduced their DEI initiatives. (Read Deeper)

TECHNOLOGY & SCIENCE

ElevenLabs Expands Into Audiobook Publishing With New Platform

Voice AI company ElevenLabs has launched a new platform allowing authors to create and publish AI-narrated audiobooks through its Reader app. This move follows its recent partnership with Spotify and aims to compete with Amazon’s Audible by offering better payout rates. By leveraging AI-generated narration, the company provides a cost-effective alternative to traditional studio recordings.

Takeaway: Authors currently earn about $1.10 when listeners engage for at least 11 minutes, with plans to expand payouts beyond the U.S. and English-language titles. ElevenLabs is also developing a marketplace for audiobook sales. ElevenLabs is positioning itself as both a content creation and distribution platform, potentially disrupting the audiobook industry. (Read Deeper)

DeepSeek Reopens AI Access As China’s AI Rivalry Intensifies

Chinese AI startup DeepSeek has resumed access to its programming interface after a nearly three-week suspension due to capacity shortages. Customers can now top up credits, though server resources remain constrained during peak hours. DeepSeek’s AI platform, which rivals OpenAI’s ChatGPT, has seen rapid adoption in China despite facing restrictions from Western governments over security concerns.

Takeaway: The move comes as growing competition in China’s AI sector. Alibaba launched its new AI model, QwQ-Max, and pledged $53 billion to strengthen its cloud and AI infrastructure, while ByteDance is testing a self-developed deep reasoning model. The company is also taking an unusual step by open-sourcing parts of its technology, including its DeepGEMM library. (Read Deeper)

AROUND DE WORLD & POLITICS

Ukraine And U.S. Finalize Terms Of Minerals Deal

Ukraine has agreed to a landmark minerals deal with the U.S., though key details remain undisclosed. Reports indicate that Washington dropped its initial demand for $500 billion in mineral revenue rights but has not provided firm security guarantees to Kyiv. President Trump confirmed the deal and reiterated that U.S. military aid to Ukraine may continue “until we have a deal with Russia.” He emphasized that American taxpayers should see a return on their financial support.

Takeaway: Ukraine, rich in critical minerals like lithium, titanium, and rare earth metals, is positioning itself as a key resource hub. The deal will reportedly be signed by Ukrainian Foreign Minister Andrii Sybiha and U.S. Secretary of State Marco Rubio, and it includes plans for a reconstruction investment fund. Russian President Vladimir Putin has hinted at offering the U.S. access to minerals from Russian-occupied Ukrainian territories, raising concerns in Kyiv and Europe about potential U.S.-Russia negotiations. (Read Deeper)

White House Confirms Amy Gleason As Acting Administrator Of DOGE, Not Elon Musk

The White House has confirmed that Amy Gleason is the acting administrator of the Department of Government Efficiency (DOGE), the Trump administration’s cost-cutting team that includes senior advisor Elon Musk. While Musk plays a key role in DOGE’s operations and has the president’s full support, he is not officially its head.

Takeaway: Gleason, a former private-sector consultant and U.S. Digital Service expert, joined the agency in January 2025 as a senior advisor. Her appointment comes after President Trump’s executive order on January 20, which rebranded the U.S. Digital Service as DOGE and granted Musk’s associates broad access to government systems and sensitive data. (Read Deeper)

ENTERTAINMENT & SPORTS

Chelsea Crush Southampton 4-0 To Move Back Into Top Four

Chelsea overcame a sluggish start to dominate last-place Southampton with a 4-0 win at Stamford Bridge. After failing to register a shot for the first 21 minutes, the Blues erupted with three goals in 20 minutes to close the first half, securing a crucial victory that lifted them to 4th place in the Premier League table (46 points). Cole Palmer's goal drought stretched to seven games despite generating 1.07 xG on seven shots. A missed one-on-one chance in the 23rd minute highlighted his struggles. ( Read Deeper )

Eubank Jr Slaps Benn With An Egg In Heated Press Conference

Chris Eubank Jr escalated tensions with Conor Benn by slapping him across the face with an egg during a fiery media event in Manchester, ahead of their April 26 showdown at Tottenham Hotspur Stadium. The British rivals exchanged insults throughout the press conference before an intense face-off turned chaotic. Eubank pulled an egg from his pocket and struck Benn on the cheek, referencing Benn’s past doping controversy, where a failed test was linked to excessive egg consumption. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• In a recent episode of the "My First Million" podcast, host Shaan Puri sat down with Robert Oliver, popularly known as "Rob The Bank," to delve into a TikTok marketing strategy that's generating substantial revenue for brands. (Listen)

EXTRA BREVITI

• South Korea’s fertility rate has increased for the first time in nearly a decade, rising to 0.75 in 2024, up from the record-low 0.72 in 2023. (Read More)

• AI startup Anthropic is close to securing $3.5 billion in funding at a $61.5 billion valuation, exceeding its initial $2 billion target. (Read More)

• Y Combinator Deletes Posts After AI Startup's Demo Sparks Backlash. (Read More)

• Meta is reportedly in talks to build a massive AI data center campus, with potential costs exceeding $200 billion. (Read More)